The South Korean government is reportedly focused on minimizing the impact of the Trump administration’s reciprocal tariffs, set to take effect on April 2, by seeking a lower rate than rival countries.
A senior official at Seoul’s industry ministry said Monday that preparations are underway in consideration of the worst-case scenario.
The official said it is not about persuading Washington not to impose the tariffs, as the Trump government is determined to take action against countries with which it maintains trade deficits.
The official said the U.S. is insisting that its trade partners either buy more American goods or make significant investments on U.S. soil.
The official also said Trade, Industry and Energy Minister Ahn Duk-geun held talks with U.S. Secretary of Commerce Howard Lutnick under a “friendly atmosphere” during Ahn’s recent trip to Washington.
Lutnick, while saying U.S. President Donald Trump will make the final decision, added that his department will review the possibility of “amicable treatment” for South Korea.